Title
AUTHORIZING THE ISSUANCE AND SALE OF ESTRELLA MOUNTAIN RANCH COMMUNITY FACILITIES DISTRICT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017
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RECOMMENDATION:
ADOPT RESOLUTION EMRCFD RES 17-105 AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF ITS DISTRICT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017; APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND SECURITY AGREEMENT, A PURCHASE CONTRACT RELATING TO THE BONDS, A STANDBY CONTRIBUTION AGREEMENT, A DEPOSITORY TRUST AGREEMENT, A CONTINUING DISCLOSURE UNDERTAKING, AND CERTAIN OTHER DOCUMENTS SECURING THE PAYMENT OF THE BONDS; AWARDING THE BONDS TO THE PURCHASER THEREOF; RATIFYING AND APPROVING THE FORM OF A PRELIMINARY OFFICIAL STATEMENT RELATING TO THE BONDS; AUTHORIZING THE PREPARATION OF A FINAL OFFICIAL STATEMENT RELATING TO THE BONDS; AND AUTHORIZING THE LEVYING OF AN AD VALOREM TAX ON TAXABLE PROPERTY IN THE DISTRICT FOR THE PAYMENT OF THE BONDS; AND AUTHORIZING THE TAKING OF OTHER ACTIONS SECURING THE PAYMENT OF AND RELATING TO THE BONDS; DECLARING AN EMERGENCY.
PURPOSE:
District Board will consider EMRCFD RES 17-105, which authorizes the issuance and sale of not to exceed $15,000,000 principal amount of District General Obligation Refunding Bonds, Series 2017, for Estrella Mountain Ranch Community Facilities District, for the purpose of decreasing the District's debt service under its outstanding general obligation debt. Also, EMRCFD RES 17-105 approves, in substantially the forms presented, documents relating to the issuance and administration of the refunding bonds. (Doug Sandstrom, District Treasurer)